#EUPrivacyCoinBan

The European Union is set to ban privacy coins and anonymous crypto accounts by July 2027 under new Anti-Money Laundering (AML) regulations. Targeting coins like Monero and Zcash, the rules aim to curb illicit financial activities by prohibiting financial institutions and crypto service providers from handling anonymity-enhancing cryptocurrencies. Transactions over €1,000 will require identity verification, aligning crypto with traditional banking standards. The Anti-Money Laundering Authority (AMLA) will oversee compliance, focusing on major providers. Critics argue this stifles innovation and infringes on financial privacy, while supporters emphasize its necessity to combat money laundering.